Page 8 - Eurogiro News-sept_2011_web

Eurogiro News is a magazine for the promotion of information, ideas and knowledge within the Eurogiro community and is published quarterly by:

Eurogiro A/S Telegade 1, 1. DK – 2630 Taastrup Denmark

Editor-in-Chief: Tjeerd Rienstra

Production & subscription manager: Hanne S. Basset

e-mail: [email protected]

Final editing: September 2011 ISSN: 1727-7450

Meet Eurogiro representatives at these meetings:

11 – 12 October 2011

CEE Retail Banking Forum in Budapest, Hungary

17 – 18 October 2011

Cards and Payment Innovation Europe in Berlin, Germany

13 – 15 November 2011

FELABAN 2011 in Miami, USA

Activity Calendar Autumn 2011

Activity Calendar Summer/Autumn 2010

save tremendous amounts in terms of both costs and resources, since you are only pay-ing for what you use.

The security aspect of the cloud should not be looked at any differently than your own security. The technologies are there, and the providers of Cloud services are eager to prove this. The regulatory and compliance issues can be questioned. However, there are solu-tions to continue to store vital parts of the data on your premises and only use the computing power in a Cloud solution.

Open Source – Ideology or something more useful?

A very challenging speech was made by Josef Assad from our partner Rambøll Informatik A/S. Open Source is an idea about our rela-tionship with our software. The general idea is that you let a community of developers add functionality and improvements.

Open Source is an ideology but only mapped to the business drivers. It is technology neutral but with strong preferences. It is also a dilution of the traditional role of consumer and vendor.

The move from licensed software to Open Source is based on cost-savings, which is the first reason many probably would think of, since we see it as “free”. As code has less value than data many instead realise that functionality can be better achieved and handled with Open Source software. Much of this is because of the large communities con-tributing to the development of the software, as well as the organisations’ own possibilities

of further adding functionalities that are of use to themselves.

In a financial organisation there are large costs connected to software designed for differ-ent services of the organisation. If in-house developers get together and begin to develop software that is specifically designed for their needs, there will most likely be other financial organisations with the same need. Here is where a community can be initiated by the developers who see a common need and contribute thereafter.

In a sensible adoption of Open Source you should assume a non-trivial presence of Open Source in your organisation and first legitimize and the make your strategy.

The three topics mentioned above are only highlights from the interesting presentations and discussions at this year’s Technical User Group meeting in Copenhagen. 3

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Although Eurogiro has made every effort to ensure the accuracy of this publication, neither it nor any contributor can accept any legal responsibility whatsoever for consequences that may arise from errors or omissions or any opinions or advice given. Statements in adverts represent advertisers’ views. No part of this publication may be photocopied or otherwise reproduced without the written consent of Eurogiro.

Eurogiro is a global payments community. We connect posts, banks and other payment handlers. The services we offer allow members to initiate from or disburse to any payment product in the world. We facilitate a member-driven cooperation to create business opportunities for our members.

Visit our website: www.eurogiro.com

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holds terabytes of valuable financial data? Another valid question is connected to compliance and regulatory standards. Many countries have rules saying that customer related data, have to be stored in the country. How can Cloud Computing be used and still adhere to that rule?

Both of these questions are most likely to be the reason why financial organisations are viewing Cloud Computing with caution. How-ever, with a growth rate 5x the market growth another question is; can we afford to ignore the Cloud concept? Another issue is that business users have discovered the advantage of Cloud services and are deploying them – with or without the blessing of central IT.

Vast amounts of computing resources are today not being used to their full capacity. Fig-ures show that full capacity sometimes can be as low as 10%, meaning that 90% of the time, full capacity is not being used. However these systems may run applications that are not fit for the Cloud.

There is a “business – IT gap” that needs to be filled

To do this an integration of Cloud-to-Cloud services and integration of Cloud-to-legacy services must be considered. Complexity is increasing and the value of solutions is de-creasing because of lack of integration.

This leaves IT with many options to plan the usage in a more efficient way, and thereby

The 4 Basic freedoms:

> Using the program > Changing the program > Redistribute the program > Redistribute your changes to the program

All under a license!